Canada’s Cenovus plans 19% hike in production

Canada

FORT MCMURRAY, March 5, 2024 – Cenovus Energy, Canada’s third-largest oil producer, plans to raise its overall energy production by 19% in the coming five years, Reuters reported on Tuesday.

The move is aligned with an expansion to Canada’s oil export capacity via the government-owned Trans Mountain Pipeline, expected to be complete in Q2 of this year.

The expansion will raise the pipeline’s capacity to 890,000 bopd, almost tripling it.

The government has called for 2.1 million barrels for the initial line fill in April, local producer MEG Energy said earlier this month.

The pipeline expansion runs from Edmonton, Alberta, west to Vancouver, BC, with an extension south to the port of Anacortes, Washington.

By 2028, Cenovus plans to grow its production to 950,000, marking a 150,000-boepd rise.

Cenovus has operations in Alberta’s oil sands, thermal and conventional oil and gas projects across Western Canada, oil production offshore the eastern province of Newfoundland and Labrador, and natural gas and liquids production offshore China and Indonesia.

The integrated company is also active in the downstream via upgrading, refining and marketing operations in Canada and the USA.

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